Revenue slipped to $294.8 million, down from $300.5 million a year ago.
During the second quarter, Global completed a major pipeline repair and replacement project in Nigeria , pipeline repairs in Mexico , pipeline installation projects in India and Indonesia , the Berri and Qatif pipeline project in Saudi Arabia , and the Camarupim and Mexilhao pipeline projects in Brazil
Several smaller subsea and diving support projects also contributed to revenues for the quarter.
Chairman and chief executive officer John A. Clerico said “all business segments were profitable for the second quarter” after “realizing the efforts of [a] recovery plan”.
Selling, general and administrative expenses of $16.7 million decrease by $8.3 million over the same quarter last year. Global also fully recovered a $1.3 million reserved customer balance.
The improved operating performance has freed up cash held up as collateral under letters of credit, raising the unrestricted cash for the June quarter by $81.9 million, according to Clerico.
